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论文编号：	5314
作者编号：	2120112423
上传时间：	2013/6/6 13:01:06
中文题目：	我国新能源行业上市公司 负债融资与过度投资关系的实证研究
英文题目：	The Empirical Study on the Relationship between Debt Financing and Over-Investment of the New Energy Listed Companies in China
指导老师：	王全喜
中文关键字：	新能源行业;过度投资;整体债务水平;债务期限结构;债务来源结构
英文关键字：	new energy industry;over-investment;overall level of debt;debt maturity structure;the sources of debt structure
中文摘要：	当前，我国新能源领域的投资开发即将掀起又一轮热潮的同时，行业呈现出包括产能过剩、资源配置不优化等一系列问题。行业宏观层面的行业产能过剩与企业微观层面的过度投资应该是有密切关联的。作为基本的财务活动，融资和投资是密不可分的。本文从企业负债融资的角度入手探讨债务融资对过度投资行为的影响。已有学者通过研究指出，企业股东/经理的过度投资行为的重要诱因之一即为由负债融资带来的股东与债权人的冲突，同时负债又可以减少股东—经理冲突引发过度投资行为，债务软约束则会削弱债务的相机治理功能。债务代理成本方面，不同期限及不同来源的债务存在差异。 本文在借鉴已有的研究基础上，采用实证研究法，选取2009～2011年我国新能源行业深沪股市A股上市公司为研究样本，从企业整体债务水平、债务期限结构及债务来源结构三方面考察企业负债融资对过度投资行为的影响。并结合实证结果，主要从负债融资的角度对抑制该行业企业过度投资问题提出相关建议。 本文通过实证研究发现,我国新能源行业内存在过度投资问题;企业整体债务水平与企业过度投资行为呈显著负相关关系；债务期限结构方面，短期债务比长期债务更能有效抑制企业过度投资问题；债务来源结构方面，商业信用比银行借款更能显著约束企业的过度投资行为，而企业对职工的债务则会推动其发生过度投资行为。可见为有效抑制企业的过度投资，从合理安排负债融资结构角度进行思考是具有可行性的。
英文摘要：	At present, China's investment in the field of new energy development is about to set off a boom. At the same time, the industry has shown a range of issues including excess capacity, not optimize the allocation of resources and so on. Industry macro-level capacity excess and over-investment of the enterprises at the micro level should be closely related. Financing and investment are inextricably linked. This article chooses to start from the perspective of corporate debt financing to discuss the relationship between debt financing and over-investment behavior. Some scholars have pointed out that an important incentive for the enterprise shareholders/ managers of over-investment is the conflict between shareholders and creditors causing by debt financing conflict, which can also reduce the over-investment behavior. Debt soft-constraints will weaken the function of debt camera governance. As the aspect of agency costs of debt, there are differences existing in different maturities and different sources debt. Draw on existing research on the basis of empirical research, taking the data of new energy industry 121 companies listed in Shanghai and Shenzhen stock market as samples. The present thesis proved the influence of their overall level of debt, debt maturity structure and debt source structure on over-investment. According to the empirical results, this paper makes recommendations to curb the over-investment problem of the industry from the perspective of debt financing. The empirical results indicate that over-investment is a common problem in China’s new energy industry. The relation between overall debt levels and the over-investment is significant negative. Comparing with long-term debt the short-term one can inhibit over-investment issues more effectively. Commercial credit can constraint over-investment more effectively than bank loans, and the debt of the employees will promote over-investment. This shows that thinking from the perspective of reasonable arrangements for the liabilities financing structure is a feasible way to inhibit the over-investment problem.
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